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What is Litecoin?

Just like others, Litecoin is also a decentralized cryptocurrency that is completely free from all censorship and open to everyone. That is why it is considered a peer-to-peer cryptocurrency. Back in 2011, Litecoin was developed and set up by a former Google employee, Charlie Lee.

Litecoin is also termed as LTC or Ł.

The main purpose of designing Litecoin is to overcome Bitcoin shortcomings. The working of Litecoin is also similar to that of Bitcoin and involves the transfer of digital coins through an open-source cryptographic channel.

What’s the difference between Litecoin and Bitcoin?

Litecoin is similar to Bitcoin and also uses Bitcoin’s original source code. However, both cryptocurrencies differ in many aspects.

Speed of transaction

It is where Litecoin is way better than Bitcoin. Litecoin allows a much quicker (up to 4 times faster) transaction as compared to Bitcoin. The reason is that Litecoin uses more sophisticated technology to mine. On average, the transaction speed of Bitcoin is 10 minutes while Litecoin’s transaction speed is 2.5 minutes.

Amount of coins

 The availability and the number of coins of Litecoin are far greater than Bitcoin. It is reported that Bitcoin currently has around 21 million coins, on the other hand, Litecoin has over 84 million coins available, which is four times more than Bitcoin. One important thing to note is that Litecoin’s greater number of coins might have a psychological advantage to many holders and businesses over Bitcoin, due to the lower price for a single unit.

Total market cap

As compared to Bitcoin, Litecoin does not have a huge market but still, it is one of the most traded cryptocurrencies around the world. According to the reports as of March 2021, Bitcoin’s market cap is around $1 trillion, while Litecoin’s market cap is $13.7 billion which is comparatively low.

Different algorithms

Both Bitcoin and Litecoin use fundamentally different cryptographic algorithms for their implementation. Bitcoin uses the longstanding SHA-256 algorithm, and Litecoin uses a newer and efficient algorithm called Scrypt that is more secure and faster as compared to Bitcoin’s algorithm.

Both Bitcoin and Litecoin can be bought from various exchanges or mined using the same mining rig. They also require a “wallet” to be safely stored between transactions.

Is Litecoin a good investment in 2024?

Litecoin is one of the top-performing altcoins since its release. It is worth noting that Litecoin does not succeed to perform like Bitcoin still, it has great investment potential.

Over time, Litecoin has proven itself that it is a good investment and given the technical signals and fundamental strength by many experts in the field, and the fact that the asset is coming out of an extended bear market and building a strong base, Litecoin is considered as a potential coin for another uptrend, making it an excellent investment at the current situation.

The easiest way to buy Litecoin with cash is through a Cash2Bitcoin Bitcoin ATM

As we all know that every cryptocurrency is somehow influenced by Bitcoin. You will be happy to hear that you can purchase your Litecoin conveniently with cash at any Cash2Bitcoin Bitcoin ATM.

Litecoin Frequently Asked Questions

What is Litecoin?

  • Litecoin is a decentralized cryptocurrency, developed by former Google employee Charlie Lee in 2011, designed to overcome Bitcoin’s shortcomings.

How is Litecoin different from Bitcoin?

  • Litecoin differs from Bitcoin in transaction speed, coin availability, market cap, and the cryptographic algorithms used.

Is Litecoin a faster alternative to Bitcoin?

  • Yes, Litecoin transactions are up to 4 times faster than Bitcoin transactions due to its more sophisticated mining technology.

Is Litecoin a good investment in 2024?

  • Many experts consider Litecoin a good investment in 2024 due to its consistent performance, technical strength, and potential for another uptrend.
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